Turkey forges new economic policies but lira’s plunge continues

Hiked interest rates and lira’s new record low marked an eventful week for Turkey’s economy. Nearly a month after Turkish President Recep Tayyip Erdogan’s re-election, his government is forging a new course in economic policy. Erdogan’s appointments of Mehmet Simsek to the post of leading the finance and treasury ministry, and of Hafize Gaye Erkan, a former Wall Street banker, as central bank chief, signalled his readiness to reverse course from his unorthodox policies. The new cabinet’s moves are to tackle the crippling economic crisis, which has seen inflation rates soar and the lira plunging to record lows as the country battles a cost-of-living crisis and depleted foreign reserves…
Source: aljazeera.com